Ah I see so your plan is to continue to rape the seas and land near my home whilst the local community suffers commodity inflation as fuel prices rise drastically.

3 big worries at Davos: US deficit, euro contagion and commodity inflation.

"I think this will be the first of many surprises on the upside in commodity inflation," he said.

Service inflation, he said, is less affected by higher interest rates than commodity inflation.

But there are signs that commodity inflation may be returning.

We really do see a pickup in industrial commodity inflation, and these companies will benefit from that.

With yesterday's fall in the Journal of Commerce commodity index confirming a slowing in commodity inflation, some industrial material companies retreated.

But Mr. Baker's proposed commodity inflation indicator could prove useful.

"There's no commodity inflation in the system."

Bernanke's beligerance in declaring commodity inflation as a passing phenomenon, despite contrary actions and declarations by other central bank officials across the globe, is a cause for concern.